The 5 most popular stories on Africa Private Equity News this week
Here are summaries of the five most widely read stories this week on Africa Private Equity News.
1. First close for Afrigreen Debt Impact Fund
French fund manager RGreen Invest and investment advisor Echosys Invest announced the first closing of their new fund, the Afrigreen Debt Impact Fund, raising €87.5 million, which will be used to finance on-and off-grid solar power plants for small and medium-sized commercial and industrial consumers in Africa.
The first closing includes a commitment from the European Investment Bank, the International Finance Corporation, the Belgian Investment Company for Developing Countries, and Proparco. French private banks Societe Generale and BNP Paribas also participated. Afrigreen targets raising a total of €100 million from development finance institutions and private investors.
2. West Africa: Adiwale Fund I backs vehicle leasing company
Adiwale Fund I and Investisseurs & Partenaires (I&P), through its fund IPAE 2, announced the acquisition of a majority stake in VRS Africa. The company offers operational car leasing and fleet management services for corporate clients in Côte d’Ivoire, Senegal and Ghana. It currently operates a fleet of 800 vehicles and is managed by Jérôme de Villard, CEO since 2019.
The transaction comprises the acquisition of shares held by prior investors, as well as a capital injection, aimed at strengthening the company’s balance sheet.
3. Mediterrania leads investment in Moroccan pharmaceutical company
Mediterrania Capital Partners (MCP), a private equity firm that focuses on growth investments in small and mid-sized African companies, recently led a consortium that invested in Laprophan, a pharmaceuticals company in Morocco.
The consortium, which included Proparco, FMO, and DEG, provided a capital increase of MDH 750 million (approximately $72.1 million) to acquire a minority stake in Laprophan.
The investment is still pending approval from the Moroccan Competition Council. If approved, the capital increase will allow Laprophan to expand its business and strengthen its position in both domestic and international markets.
4. DWM Displaced Communities Fund in line for EIB investment
The European Investment Bank (EIB) has disclosed a proposed $15 million equity investment in the Displaced Communities Fund, managed by DWM Asset Management, LLC.
The fund primarily aims to provide equity support to microfinance institutions and inclusive financial institutions alongside a minority of investments in operating companies (in industries such as agribusiness and fintech) that enable the fund to reach its objective of reaching displaced populations, mainly in Africa, but also in other parts of the world.
The fund has a target size of $50 million to $75 million.
5. Microtraction leads investment in Nigerian digital health platform
Famasi Africa, a Nigerian digital health platform, has raised a pre-seed round, led by Microtraction with participation from other angel investors and early customers.
Founded by Adeola Ayoola and Umar Faruq Akinwunmi, Famasi Africa is a healthtech startup that wants to provide convenience, access and support for people with recurrent medication needs, especially those with chronic illnesses.